Cash Advance: Terms and Conditions
A cash advance is a financial product that allows you to quickly and without unnecessary procedures receive a limited amount for a short period. Cash advances are unsecured, so you don’t need to risk your property.
What is a Cash Advance Suitable For:
- Emergency expenses;
- Medical bills;
- Car repair;
- Rent;
- Other necessary expenses.
Interest Rates
Cash advances at Peoples Bank of Commerce carry a fixed interest rate of 39.8% minimum.
Cash advance amounts available to borrowers range from $150 to $800. Loan repayment terms – 14 days and 30 days.
Fast Money
Applying for a cash advance will take 5-10 minutes. If your application is completed before 11 am, you will receive the money in your bank account on the same day. Otherwise, the money will be credited to your account the next business day.
No collateral required
At Peoples Bank of Commerce, we are sure you don’t have to post collateral to pay off your loan. Our borrowers are responsible for their obligations, and we appreciate it!
Origination fee
The fee is 10% of the amount advanced, plus a $3.00 verification fee per transaction.
No early payoff penalties
The cash advance has a short repayment period, but if you want to repay the loan earlier, we will not interfere with you. And we will definitely not ask for even more money for this, imposing a penalty.
What Is Required to Get a Cash Advance?
Unlike most other loans, a cash advance requires fewer documents. In addition, we prefer to perform a soft credit check on borrowers who opt for a cash advance.
Personal Information
- Valid Social Security Number or Individual Taxpayer Identification Number;
- Name;
- Current address;
- Valid email;
- Active phone number;
- Active bank account.
Income Information
Proof of an ongoing, reliable source of income, such as a job, a disability, retirement, being self-employed, or some other source.
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Charter Office
234 East First Ave,
PO Box 592
Cambridge, MN 55008
763.689.1212